In reply to Gerry's OPE-L:3967:
It's helpful here to distinguish between capital losses the capitalists
suffer through changes in the money prices of their assets and negative
surplus value on production account.
Duncan
>Michael P wrote in [OPE-L:3964]:
>
>> I believe that this process was in fact operative, at least in the U.S.
>> in the late 19th century. Technical change was rapid enough that
>> capitalists could not recover their capital outlays. In this
>> environment, both labor and capital suffered losses, even though the
>> economy was expanding rapidly. I suspect that something similar might
>> be brewing today.
>
>A couple of questions (with comments):
>
>(1) [an empirical/historical question] Re the late 19th century (in the
> advanced capitalist economies), I think you are right. Yet, I am
> curious about your comment that you believe "something similar might
> be brewing today." Where do you see the evidence of this possible
> development?
>
>(2) [a theoretical question for all] For the moment, let's suspend the
> talk about negative s. Under what conditions after exchange can there
> be a "deduction in value"? That is, what other than use can cause a
> decrease in commodity values *rather than* simply a redistribution of
> surplus-value among capitalists?
>
>In solidarity, Jerry
Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
(212)-854-3790
fax: (212)-854-8947
e-mail: dkf2@columbia.edu